Tim Cook Steps Down as Apple CEO After 15 Years

In a significant leadership change, Tim Cook is leaving his position as CEO of Apple after a remarkable 15-year run. During his tenure, Apple made history, becoming the first publicly traded U.S. company to achieve a $1 trillion market cap among other key milestones.

Back in April, Cook announced that he would step down at the end of August. While he is vacating the CEO role, he will continue with the company as executive chairman. John Ternus, previously a senior vice president of hardware engineering, has been named as Cook’s successor.

Cook took over as CEO in August 2011 when co-founder Steve Jobs resigned shortly before his passing. Cook first met Jobs in 1998 and was persuaded to join Apple that same year, starting his journey as a senior vice president overseeing worldwide operations.

“As you know, I am not leaving Apple. But I am stepping away from a role that I have loved deeply,” Cook shared in a memo to employees on his last day. “I will miss this work in ways I can only begin to imagine. Yet, I am completely at peace with my decision.”

Cook remarked, “Together, we have created something far greater than any one of us could have imagined or accomplished alone. And that’s the secret to our success.” He stressed the importance of their shared values and vision, referencing a sentiment from Steve Jobs about leaving a “dent in the universe.”

Under Cook’s leadership, Apple expanded its product and service offerings significantly, transitioning from a focus on its iconic MacBook, iPhone, and iPad to a broader consumer tech ecosystem.

In 2014, the company launched the Apple Watch, entering the wearable health technology market, and introduced Apple Pay to enhance their base of consumer device users and compete in mobile payments. The following year, Apple Music marked a shift towards a subscription model, while 2016 brought the popular AirPods, bolstering Apple’s wearables category. Additionally, Apple TV+ and Apple Card were launched in 2019 as part of the company’s expansive service offerings.

Throughout his time at Apple, Cook led the company to several major milestones, including being the first U.S.-based publicly traded company to hit a $1 trillion market cap in 2018. Apple followed up by reaching $2 trillion in 2020, topping $3 trillion in market valuation during intraday trading in 2022, and finally crossing $4 trillion in October 2025.

As Apple has continuously jostled for the title of the most valuable publicly traded U.S. company against ExxonMobil, Nvidia, and Microsoft, it currently holds a market cap of about $4.6 trillion, ranking just behind Nvidia.

Leander Kahney, editor and publisher of Cult of Mac, noted that Cook “had huge shoes to fill, but he has done so admirably,” contributing to the company’s growth while upholding Apple’s core values. “He’s presided over a great run of products with only a couple of missteps. The Apple Watch, AirPods, Apple Silicon—these are among the best things Apple has ever done,” he said, expressing optimism about Cook’s legacy and the future.

Gene Munster, co-founder of Deepwater Asset Management, emphasized Cook’s understanding of the iPhone’s role as more than just a device but as a gateway to the internet, paving the way for Apple’s service-focused revenue growth. He highlighted Cook’s success in navigating geopolitical challenges while fostering relationships with the White House, attributing Cook’s strategies for maintaining international relations with key markets like China and India as essential to Apple’s ongoing success.

Looking ahead, Apple is set to hold a major event on September 9 under Ternus’s leadership to introduce its latest iPhone. Reports suggest the unveiling may include a much-anticipated foldable iPhone, aiming to enter a new market segment and rival competitors like Samsung.

In his farewell note, Cook expressed his confidence in Ternus, stating, “I take enormous comfort in handing the helm to someone as brilliant and wonderful and capable as John.” He believes that Ternus understands the intricacies of creating impactful products and is poised for successful leadership.